Q3 2019 Market Update by Mike Sannes, Big Bear Real Estate - The Mike Sannes Team, October 10, 2019
Hello From Big Bear! Thanks for checking in with us. Let’s get caught up on the happenings in the Big Bear real estate market…
The third quarter, which is typically a very busy three months for sales and closings, did not disappoint in 2019. The average price of all homes sold in the third quarter of 2019 vs. the same period in 2018 increased by a solid 9% ($317,485 in 2018 vs. $345,632 in 2019)
In addition to prices being on the rise in Q3, the total number of sales was also up by an impressive 7% (322 in 2018 vs. 343 in 2019) which bodes well for a strong finish to a busy year for Big Bear real estate.
Interestingly enough, when looking at the market year-to-date (January through September 2019 vs. 2018), the average price of all homes sold in the Big Bear Valley and also the total number of homes sold, increased by 4.6% and 5.2% respectively. A solid, steady and hopefully sustainable pace for the market overall.
Big Bear Lake proper contributed to the lion’s share of these price gains, increasing by a substantial 15.8%. Whereas it was the Fox Farm, Big Bear City and Fawnskin areas that helped bolster the total number of sales, as those areas saw a 16.7%, 14.9% and 38.1% increase in closings, respectively.
The biggest surprise, when looking at the distribution of sales by price range, has been between $750,000 and $999,000. In the first 9 months of 2019, closings in this price range were up an amazing 86.7%! (15 in 2018 vs. 28 in 2019) Wow, quite a few happy sellers in that group! And it is encouraging to see, as this is a price range that has been very slow to sell in recent years.
What does all this say about how the year will finish? We will keep an eye on the market and keep you posted. In the meantime, do let us know if you have questions on your property’s current value in our appreciating market, or on any that you see for sale here in Big Bear. We are happy to help and always look forward to hearing from you. Until next time, all the best and happy hunting.